Brooklyn’s growth spurt slows

Brooklyn’s rapid residential growth slowed down in the first quarter, according to a report by Marcus & Millichap Real Estate Investment Services. Permits for multifamily units this year are predicted to be less than half the 8,800 issued last year. And prices could be slightly less than expected. “Some of the projects that are in strong locations will probably have to adjust their prices downward a little to move units off their shelves,” said J.D. Parker, regional manager of Marcus & Millichap’s Brooklyn office. “But I think most of the savvier builders have had a contingency plan in place, where if they had to go to a rental scenario, they could do it.”